Bitcoin mining company TeraWulf expands private placement offering to $900 million

Jinse Finance reported that bitcoin mining company TeraWulf has announced an expansion of its private placement to $900 million and finalized the terms of the offering. This issuance consists of 0% convertible senior notes, with an overallotment option of $125 million, and a maturity date in 2032. The offering is an extension of the company’s previously disclosed $500 million financing plan, and initial purchasers have the right to exercise an additional subscription option within 13 days. The company stated that these zero-coupon notes carry a conversion premium of 37.5%, and based on Wednesday’s closing price of $14.5, the initial conversion price is approximately $19.94 per share. If the overallotment option is fully exercised, the total financing amount will reach approximately $999.7 million, with the funds to be used for the construction of the Abernathy data center campus in Texas and other corporate purposes.